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25 May, 17:58

How much compound interest is earned on $15,750 principal, with an annual interest rate of 2% compounded annually, over 3.5 years?

compound interest: A = P (1 + r) t

A.

$1130.34

B.

$16,852.50

C.

$1102.50

D.

$16,889.06

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Answers (1)
  1. 25 May, 18:24
    0
    Well if you multiply the original amount by. 02 then times it by 3.5 and add that to the original amount, then that is your answer:

    15,750x0.02=315

    315x3.5=1102.50

    15,750+1102.50=16,852.5
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